Prime Minister Abe Picks Veterans for Cabinet

August 28, 2007

The Wall Street Journal has a good article today on the Cabinet reshuffle in Japan. Given his low approval ratings, Abe has fired nearly all of his staff and replaced them with seasoned veterans, many of which has served under his predecessor Koizumi. Usually political uncertainty is not good for a country’s currency, but in the case of Abe, any change may be for the better which could be part of the reason why the Japanese Yen has been rallying.

Currency Traders, get to know this name: Fukushiro Nukaga >> He is the new Finance Minister

According to the Journal:

Mr. Abe’s appointments appear to reflect a belief that his government has the right ideas in terms of policy — but has failed in implementation and presentation. His government’s main policy council in June came up with some forward-looking ideas, such as forging more free-trade agreements, which could increase overall economic output at the expense of hurting Japan’s inefficient farmers. It also proposed to deregulate the airline industry through “open skies” accords and to promote Tokyo as an international

Posted in DailyFX, Japanese Cabinet, Japanese Yen, Prime minister Abe, Uncategorized, Wall Street Journal